FX.co ★ Daily analysis of GBP/USD for July 26, 2016

The pair is trading below the barrier of 1.3148, where it's currently capped. The bears are still struggling to drive the Cable toward new lows, as the support zone of 1.3076 remains solid. A breakout below will open the doors to test the 1.2976 level, where a rebound is expected. However, the MACD indicator is entering the positive territory, and it could favour the bulls.

H1 chart's resistance levels: 1.3148 / 1.3266

H1 chart's support levels: 1.3076 / 1.2976

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3148, take profit is at 1.3266 and stop loss is at 1.3026.